Value of used cars reaches 'highest ever recorded'

Value of used cars reaches 'highest ever recorded'

Used car values have been shown to achieved a record high in this year's second quarter, according to the Quarter 2 2012 Pulse report recently released by British Car Auctions (BCA), Europe's largest vehicle remarketing company.

This highest ever recorded average value of a used car was £5,891, with year-on-year values being up by £197. Used car values in 2012 are staying well above the valuations documented in past years, and is the highest since the Pulse report first started to record such figures, back in 2005.

The report also goes on to show that lease and fleet cars are diminishing in numbers, as are nearly new vehicles. This is compared with part-exchanged vehicles entering the market, and means that the average used car sold has a higher mileage, and is a lot older.

Other information that was revealed by the report was average mileage has also risen, again reaching the highest ever recorded by Pulse. Average mileage was up by almost 2,500 on the figure for last year. Average car age is now about two and a half months older than they were back in 2011.

You can read the full Quarter 2 2012 Pulse report here: http://www.british-car-auctions.co.uk/Documents/UK/PR-Reports/2012/BCA_Pulse_report_Q2_June_2012.pdf

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